Posted AT 1:47 PM EST on 26/06/08
$7-a-gallon gas, 10-million fewer cars: Rubin
A new forecast calls for gasoline prices to hit $7 (U.S.) a gallon in the next two years and oil to soar to $200 a barrel by 2010.
The report by CIBC World Markets also predicts there will be 10 million fewer cars on the road in the United States by 2012.
“Over the next four years, we are likely to witness the greatest mass exodus of vehicles off America's highways in history,” Jeffrey Rubin, the lead author, wrote in Thursday's report.
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